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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 July 2014 we have purchased land cost 5 lacs in the fy 13-14, where guide line value of land is 6 lakhs, whether we liable to income tax on difference amt of 1 lac u/s. 56

if yes, any remedy to avoid to pay tax
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
17 July 2014 yes you r taxable for rs 6 lac

no opetion is available to avoid tax on this income

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